The ongoing legal battle between the SEC and Binance is part of a larger government effort to more closely regulate the crypto industry, which has continued to grow steadily.
In a recent scheduling conference on July 9, Judge Amy Berman ordered both Binance and the SEC (Securities and Exchange Commission) to work together and prepare a joint offering. This schedule must include a deadline by which either party may request changes or modifications to the initial complaint field. The deadline for this joint proposed schedule is set for July 29. Exposed:
This latest development comes on the heels of Binance's recent victory in which the US Supreme Court rejected several charges brought against the exchange by the Financial Regulatory Authority. In its ruling, the court rejected charges of selling BNB token on the secondary market on the grounds that the SEC did not provide sufficient evidence to prove that token sales on secondary exchanges were securities transactions. However, the court upheld other charges, including those related to the initial token offering and ongoing sales. The SEC filed a lawsuit against Binance and its CEO last year for several alleged violations, including diverting customer funds, misleading investors, and inflating volumes. trading, and failing to prevent US clients from using its platform. The SEC also says that Binance allowed the trading of financial products that were not properly registered. The legal battle between the SEC and Binance has sparked reactions in the cryptocurrency space. David Barrera, co-founder and CEO of Enumma, said on More charges on the stock exchange.He said:
